For Release: December 3, 1998
CFTC Adopts Final Rules Establishing
Requesting Exemptive, No-Action and Interpretative Letters
Washington, D.C. -- The Commodity Futures Trading
Commission today announced that it has adopted new Rule 140.99, which
establishes procedures for submitting requests to Commission staff for
exemptive, no-action and interpretative letters ("Letters").
Commission staff is frequently asked by persons affected by the
Commission's regulatory framework to provide interpretive guidance
concerning the application of statutory and regulatory requirements to
particular fact situations, or to grant exemptive or no-action relief
from certain regulatory requirements where appropriate. The procedures
set forth in Rule 140.99 are meant to provide guidance to the public
in submitting such requests to Commission staff and to ensure all
persons will be aware of the Commission's requirements for
requests for Letters.
Among other things, Rule 140.99:
Although Rule 140.99 as adopted is similar to Rule 140.99 as
proposed,(1) the Commission has
made a number of changes to the rule as adopted in response to
comments from industry participants and their representatives. Among
other things, these changes:
Notwithstanding the adoption of Rule 140.99, Commission staff will continue to be receptive to informal inquiries and to engage in discussions with interested persons regarding the Commodity Exchange Act and the Commission's rules. Where requesters seek a formal response to an inquiry of Commission staff, they should follow the procedures set forth in Rule 140.99.
The new rule will be published shortly in the Federal Register. Copies of the rule may be obtained by contacting the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C., 20581, (202) 418-5100 or by accessing the Commission's website at www.cftc.gov.
1. Requests for Exemptive, No-Action and Interpretative Letters, 63 Fed. Reg. 3285 (January 22, 1998).